Cyber risk platform developer Resilience has raised $100 million in a Series D equity financing round, the company said this week. The round brings the company’s total funding to $225 million.
The San Francisco-based company said it will use the additional financing to boost sales and marketing efforts to accelerate adoption of the Resilience platform, with particular emphasis on expansion in Europe.
The impressive funding haul comes at a time when venture capital – especially for startups – has become markedly difficult to obtain following a slowdown that began in early 2022. The Crunchbase website recently reported that in the second quarter of 2023 North America venture dollar volume was down 50 percent from the second quarter of 2022 – which was itself down significantly from prior quarters.
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The latest funding round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, Intact Insurance’s underwriting companies. Also participating in the round were Lightspeed Venture Partners, General Catalyst, and Founders Fund. Earlier investors included CRV and Shield Capital.ADVERTISEMENT
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Resilience helps businesses and organizations address security risks from both the IT and financial perspectives. The company’s AI-based Resilience Solution platform provides the ability to assess, measure and manage cyber risks and take steps – including implementing cybersecurity systems and policies and purchasing insurance – to mitigate those risks.
“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices,” said Vishaal Hariprasad, Resilience CEO and co-founder, in a statement. “Instead, enterprises need a way to look at their cyber risk in an integrated, economically efficient and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world.”
Resilience said that in 2022, 100 percent of its clients avoided ransomware extortion and 67 percent incurred lower loses than the total insurance base and a loss ratio three times lower than the 2022 industry average.
“Securing a digital world at enterprise scale requires fundamental behavior change,” said Arif Janmohamed, a partner at Lightspeed Venture Partners, in a statement. (Lightspeed first invested in Resilience during its Series A round.) “We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”